Bitcoin may have bottomed out, and $MSTR stock has also demonstrated strong resilience, rising over 30% from its recent low.

Bernstein on Wall Street believes that Bitcoin's price has likely entered a cyclical bottom zone.

Bernstein is known for its research on long-term trends. Its forward-looking insights on market turning points in technology stocks and digital asset cycles have repeatedly aligned with actual market cycles, making its judgments on market inflection points highly credible.

Bernstein maintains its forecast that Bitcoin will reach $150,000 by 2026.

Strategy originally focused on software business, but in recent years has gradually transformed into a company with a core strategy of holding Bitcoin, which can be understood as a special entity that turns the company into a Bitcoin investment vehicle.

It currently holds approximately 3.6% of the total global Bitcoin supply, with a market value of about $53.5 billion, a proportion that is very high among all institutional investors.

Although Bitcoin's price has fallen about 50% from its peak, $MSTR still shows strong resilience.

The market generally regards $MSTR as a high-beta asset, meaning its stock price volatility is greater than that of Bitcoin itself, with larger gains during upward movements and sharper declines during downturns, essentially an amplified version of Bitcoin exposure.

From a financial perspective, Bernstein believes that the company's balance sheet remains robust, with the capacity to continue holding and increasing Bitcoin holdings.

A strong balance sheet means that the company's funding, debt structure, and financing capabilities are still within controllable ranges.

It is noteworthy that Strategy did not reduce its risk exposure during market declines but instead chose to add to its positions at lower levels.

This behavior typically indicates strong confidence in long-term price appreciation.

Meanwhile, in 2026, the company raised approximately $7.3 billion through debt issuance or equity financing, using these funds to further expand its Bitcoin holdings, essentially leveraging capital markets to amplify its long-term Bitcoin bet.

Overall, this logic can be understood as: on one hand, leading research institutions, based on past experience, believe that Bitcoin may be entering a new upward cycle; on the other hand, $MSTR is viewed as a Bitcoin proxy asset with higher volatility and amplified risk and return.

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